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The Choice of Monetary Policy Instruments in Canada: An Extension

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  • Peter S. Sephton

Abstract

W. Poole (1970) and Gordon Sparks (1979) used fixed-price models to examine the relative merits of various monetary policy instruments. This paper extends the discussion to a flex-price model. It illustrates that bank reserve accounting systems have no effect on the choice of interest-rate or exchange-rate instruments. The author shows that income is sheltered from financial innovation when a reserve instrument is used in conjunction with lagged reserve accounting.

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File URL: http://links.jstor.org/sici?sici=0008-4085%28198702%2920%3A1%3C55%3ATCOMPI%3E2.0.CO%3B2-L
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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 20 (1987)
Issue (Month): 1 (February)
Pages: 55-60

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Handle: RePEc:cje:issued:v:20:y:1987:i:1:p:55-60

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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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